The intensity of recent turbulence in financial markets has surprised nearly everyone. This paper searches out the root causes of the crisis, distinguishing them from scapegoating explanations that have been used in policy circles to divert attention from the underlying breakdown of incentives. Incentive conflicts explain how securitization went wrong, why credit ratings proved so inaccurate, and why it is superficial to blame the crisis on mark-to-market...
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2008/11/01
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Documento de trabalho sobre pesquisa de políticas
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WPS4756
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1
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1
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2010/07/01
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Disclosed
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The 2007 meltdown in structured securitization : searching for lessons, not scapegoats
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Finance & Private Sector
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